BYD Launches Song L Electric SUV at Reduced Price Amid China’s NEV Market Competition

Summary

    Chinese automaker, BYD, has officially launched the Song L battery electric SUV, with a reduced price compared to its set pre-sale price. This move underscores the fierce competition in China’s new energy vehicles (NEV) market. The Song L, part of BYD’s Dynasty series, is priced from RMB 189,800 ($26,700). Since the start of pre-sales, more than 28,000 pre-orders for the Song L have been received. As of November, BYD has sold 301,903 NEVs.

BYD’s Song L Electric SUV Launch

Chinese car manufacturer, BYD, has officially released their Song L battery electric SUV into the market. The initial market price of the vehicle was noticeably lower than its pre-order price, indicating the intensifying competition in China’s burgeoning new energy vehicle (NEV) market.

Song L Pricing Details

On Friday, the company announced the official price of Song L to be RMB 30,200 ($4,250) lesser than the pre-sale starting price. The new SUV is available in five battery electric vehicle (BEV) versions priced at RMB 189,800 ($26,700), RMB 199,800, RMB 209,800, RMB 229,800, and RMB 249,800 respectively.

Song L Within BYD’s Range of Vehicles

BYD first unveiled the Song L concept at the Shanghai auto show in April and later launched its production version in August. The model forms part of the Dynasty series within the broader BYD model range that also encompasses the Dynasty and Ocean series.

Pre-Sales Highlights

BYD started accepting pre-sales for Song L starting October 31, offering five versions priced from RMB 220,000, up to RMB 280,000. It must be noted that the official price announced today represents a reduction of RMB 30,200 ($4,250) from the original pre-sale starting price.

Song L Pre-Orders and Previous Sales

According to industry speculations, Song L garnered more than 28,000 pre-orders since the starting of pre-sales. The previous month, BYD sold a total of 301,903 NEVs, mainly 301,378 passenger NEVs and 525 commercial NEVs as per stats released earlier this month.

The Song family models emerged as the top-selling BYD model last month, with 61,694 units sold in November, signifying 20% of total sales.

In conclusion, if the Song L’s lower-than-expected pricing and high pre-order numbers are any indication, the near-term outlook for BYD shares could be considerably positive. Forex traders tracking NEV related equities might want to monitor BYD’s performance closely.

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